On April 3, markets worldwide dropped sharply after President Donald Trump announced major new tariffs. The Dow fell 2.7%, and the S&P 500 dropped 3.1%.
Bitcoin also took a hit, falling below $82,000 as investors pulled away from risky assets.
Coinbase shares fell about 7.7%, while leading Bitcoin mining companies like MARA, Riot Platforms, and Bitfarms dropped around 8.3%, 8.7%, and 5%.
The Trump family is taking another step into cryptocurrency with the launch of American Bitcoin, a large-scale mining venture created in partnership with publicly traded crypto firm Hut 8.
Spearheaded by Eric Trump and Donald Trump Jr., the new company will operate 61,000 mining machines across 11 U.S. data centers and aims to build a substantial bitcoin reserve.
American Bitcoin’s CEO Matt Prusack underscored the timing and scale of the project, stating the
“Time is now for Bitcoin in the USA. Pro-crypto environment + American energy ready to fuel our unstoppable mass-scale build-out.”
In Hut 8’s announcement, Donald Trump Jr. emphasized the venture’s deeper potential, stating,
“Simply buying Bitcoin is only half the story. Mining it on favorable economics opens an even bigger opportunity. We’re excited to bring investors into that equation through a platform engineered to execute on this thesis and deliver real, tangible participation in Bitcoin’s growth.”
X (formerly Twitter) post from Matt Prusak, CEO of American Bitcoin
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Fidelity Investments has introduced a new IRA option that encourages eligible U.S. citizens to invest in a handful of cryptocurrencies, including Bitcoin. Depending on state availability, this arrangement provides tax advantages.
The accounts come with no setup or maintenance fees, though a 1% trading spread applies to crypto transactions. Fidelity Digital Assets says they will store digital assets securely offline.
Fidelity has been actively involved in crypto for years, starting with Bitcoin mining in 2014.
Disclaimer: The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the views of TheStreet Crypto. This piece is for informational purposes only and should not be considered financial or investment advice.
